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Swiggy Money: Delivery platform launches digital wallet powered by ICICI Bank

Swiggy Money: Delivery platform launches digital wallet powered by ICICI Bank

Swiggy Money: Delivery platform launches digital wallet powered by ICICI Bank
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By Megha Vishwanath  Jun 30, 2020 10:57:09 PM IST (Updated)

If the Swiggy customer is an existing ICICI Bank customer, he or she can instantly start using the wallet.

Home-grown on-demand delivery platform Swiggy has launched its own digital wallet called Swiggy Money to enable a "single-click checkout experience" on its platform. Swiggy Money is powered by ICICI Bank's "insta wallet service", which is built on a cloud platform with API integration.

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How does it work?
Swiggy can now create a digital wallet instantly for customers. If the Swiggy customer happens to be an existing ICICI Bank customer, he/she can instantly start using the wallet. Non-ICICI Bank customers can also start using this service immediately by providing details of a government ID to ICICI Bank. The integration offers benefits such as higher scalability, improved performance, quick to market and high-speed processing for reconciliation among others.
Anand Agrawal, VP Products at Swiggy said, "Providing the best payment and refunds experience is an integral move in tightening up the ordering experience and maintaining best-in-industry repeat rates on our platform that now offers multiple hyperlocal delivery services. We are happy to partner with ICICI Bank to launch this service. Along with a host of existing payment options offered to consumers, Swiggy Money will ensure seamless and swift transactions on food orders by minimising hassles such as lengthy payment procedures or payment failures resulting in improved customer experience."
Talking about the partnership, Bijith Bhaskar, Head- Digital Channels and Partnership at ICICI Bank added, "We are delighted to bring in the industry- first instant digital wallet ‘Swiggy Money’ in association with Swiggy. It offers the convenience of single-click checkout experience to Swiggy’s large consumer base. The Bank is a pioneer in providing peer-to-merchant solutions by leveraging our state-of-art standalone cloud platform with API integrations. This is our third offering, jointly with Swiggy. A year ago, we had customised an industry-first UPI led payment solution for Swiggy’s delivery partners to transfer funds. We had also introduced UPI-led instant one-click payment for millions of Swiggy’s customers."
Swiggy Money users can top-up their wallet using various banking instruments and enjoy single-click purchase without multiple authentications. In cases where the order value exceeds the wallet balance, the users will be provided with a "split-pay" option which will enable making payment through a combination of money from their wallet and another payment source/instruments to complete the transaction.
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